A growing concern for many estate planning professionals is that over the next ten to 15 years there will be an onslaught of litigation by trust beneficiaries against the trustees of irrevocable life insurance trusts(ILITs) because the asset that the trustees were charged with safeguarding has imploded or become worthless. This presentation explores some of the basic parameters of the trustee’s job description and highlights actions and considerations for those trustees as they do their best to serve the settlor and beneficiaries of their trust. The presentation will also cover the various types of life insurance and the present risks that the current economic environment poses to certain policies.